A Guide to Social Security for Seniors

If you’re nearing retirement, you may be wondering how to get Social Security benefits. While you’ve likely been paying into the program for years through payroll taxes, it can be hard to understand how to get the benefits once you reach eligibility, or even to know when you become eligible.

Below, you’ll learn the answers to some of the most commonly asked questions about Social Security, including the next steps you can take to apply.

Social Security is a federal benefits program that provides older adults and some people with disabilities with a monthly income. Working Americans pay into the program with payroll taxes, and then receive some of the money back in the form of Social Security benefits when they retire or can no longer work due to a disability

You can apply for Social Security benefits by filling out the application on SSA.gov, the website of the Social Security Administration. You can also call the SSA’s helpline or visit the local office nearest to you. Once you’ve applied, you will typically wait 3-5 months for a decision.

You can check the status of your application at the same place you signed up, on SSA.gov under your “My Social Security” account. Alternatively, you can sign up and check your status over the phone by calling the SSA helpline during working hours any day from Monday to Friday. You could also visit your local SSA office to get in-person assistance.

If you were born before 1960, you can apply for Social Security at age 65 or 66. If you were born after 1960, you can apply for benefits at age 67. Note that if you wait to apply for benefits after your full retirement age, your benefit may increase by as much as 8% per year up to the age of 70. After you reach 70, your benefits will no longer increase.

Social Security benefits are calculated based on your average monthly earnings over the course of 35 years. The Social Security Administration calculates your payment amount using a formula applied to the average amount you earned over the course of 35 years.

Because Social Security is funded through payroll taxes, your benefit amount depends on how long you worked and how much you earned while you worked. Payments are based on your average income over the course of 35 years.

Social Security pays five types of benefits: Retirement, Disability, Medicare, and Spouse/dependent children and Survivors’ benefits.

The benefits you’ll receive vary depending on factors like whether you worked for an employer or were self-employed, are disabled or have a disabled child, are married or widowed, and more.

If you live in another country, receive Supplement Security Income (SSI), receive state-sponsored Medicaid, or have been receiving benefits since before 1997, your check will come on the first of each month. If not, your check will come on the second, third, or fourth Wednesday of the month depending on the day of the month you were born.

Learn More About When You Will Receive Your Social Security Checks

If your taxable income is more than $25,000 per year, part of your Social Security income becomes taxable too. If your Social Security payments are your only income, that income will likely be tax-exempt. Additionally, your benefits cannot be taxed more than 85% no matter how much income you have.

To replace a lost or stolen Social Security card, you can apply for a new one through the SSA. You can do this by filling out an online form, calling the helpline, or visiting the nearest SSA office in person to get it straightened out.

The below resources can help you access and get the most out of your Social Security benefits.